Suez Canal revenues record $445.5m in December

Ahram Online , Thursday 22 Jan 2015

The Suez Canal is a key source of foreign currency for Egypt

Suez Canal
A Container ship crosses the Suez Canal at Port Said (Photo: Reuters)

Revenues from the Suez Canal totalled $445.5 million in December, a 1.3 percent rise on December last year, according to Egypt's Information Portal (EIP).

The new figure also represents $2.7 million increase from November revenues.

The artificial waterway, which connects the Mediterranean and Red Sea, is the shortest marine route between Asia and Europe. It is one of Egypt's main sources of foreign currency, along with tourism and remittances from Egyptian expatriates.

Egypt's net foreign currency reserves amounted to $15.3 billion in December, according to the Central Bank of Egypt.

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